Isurance Company Asking to Total My Car

[MoneyTrev]

My one comment here would be to review the valuation statement carefully and make sure it is correct and includes all features and optional equipment the car had. When our van was totaled a few years ago, the original value offer was missing a couple of options. When I pointed that out to them, they raised the offer by $1,000 or more.

Don't some insurance only cover the very basic? I was assuming that was what he had.

Not arguing, just clarifying.

[disneysteve]

Don't some insurance only cover the very basic? I was assuming that was what he had.

Not arguing, just clarifying.

As I understand it, the insurance settlement should be based on the value of the actual car that was involved, not the stripped down base model of that car. That wouldn't make sense. Our van had power doors which was an optional upgrade (we actually didn't want them but we bought used and that's what we found). When they did the claim, though, they hadn't included the power doors. When I pointed that out, they increased the claim amount accordingly.

[Cylenchar]

One thing on your side if it is not worth salvaging: this time of year is generally slow for auto dealers, so you may be able to get a very good deal on a used car.

[webcontacts00]

Some more updates. We checked on used cars and are able to get some good deals. Havent gotten final estimates from insurance company yet. Still waiting on it to see how they are making up the price to total the car.

[MoneyTrev]

As I understand it, the insurance settlement should be based on the value of the actual car that was involved, not the stripped down base model of that car. That wouldn't make sense. Our van had power doors which was an optional upgrade (we actually didn't want them but we bought used and that's what we found). When they did the claim, though, they hadn't included the power doors. When I pointed that out, they increased the claim amount accordingly.

Oh okay.

Thanks for clarifying.

[disneysteve]

We checked on used cars and are able to get some good deals.

When our 2000 Sienna was totaled in 2002, we took the insurance settlement and a couple thousand cash and bought another 2000 Sienna. It actually had about 12,000 miles less than the one we were replacing. It was a good car. We liked it. That's why we bought it originally.

You could probably do something similar. Take the $7,500 and get yourself a car like the one that was totaled. It probably will cost you little to nothing out of pocket.